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Buyers keen despite Stage 4

08 August 2020
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As we all adjust to life in the midst of the Stage 4 lockdown, I wanted to start this week’s Update by extending our sincere best wishes to all of our clients, whether you are a vendor, buyer, landlord or tenant.

The next six weeks will probably seem like an eternity for some, whilst others will probably feel like it is over before you know it. The important message is that we will all get through this is we stick together and support each other.

Right now, many people in the City of Moonee Valley are asking what the increased restrictions will mean to the property market in our part of town. Whilst there has been a great deal of uncertainty this week on the details of the new rules, two things that do seem clear are that all of our team will be working from home for the duration of Stage 4, and there will be no individual property inspections taking place in metropolitan Melbourne during this period.

The key point is that our team will still be able to support our clients throughout the lockdown, whether that means assisting you if you have a property settlement coming up, or you have a rental property that still needs rental collection and distribution, or urgent property repairs. Indeed, the latest word from the State Government is that we will still be able to attend the office to assist with property settlements or end-of-lease arrangements, such as handing over the keys.

Perhaps the most important fact to keep in mind, particularly if you are keen to buy or sell property in 2020, is that buyer demand is still strong despite the increased restrictions. In fact, we conducted an online auction on Wednesday evening that showed just how positive the buying public is right now.

The auction of a single-level three-bedroom home at 123 Market Street in Essendon (pictured) attracted 11 registered bidders and sold for a remarkable $875,000, which was $90,000 above our ecstatic vendor’s reserve price! All this, despite the uncertainty surrounding the introduction of Stage 4 just a few hours after the auction!

If we look ahead to the end of the current restrictions, the recent example that occurred in New Zealand is reason for confidence. Over there the market rebounded with remarkable speed once their lockdown was eased, with pent-up demand driving some exceptional results.

This makes the next six weeks an ideal time for prospective vendors in the City of Moonee Valley to get you property ‘market-ready’ and to plan a marketing program that enables you to hit the ground running for an early Spring sale. So, if you’d like some experienced advice and guidance in achieving that goal, feel free to contact the team at Barry Plant Moonee Valley on 9319 1700.


Bill Karp

Director – Barry Plant Real Estate

Keilor East & Essendon

08 August 2020
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